MIRA
INFORM REPORT
|
Report Date : |
25.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
M
PROF LIMITED PARTNERSHIP |
|
|
|
|
Registered Office : |
39/201 Moo 10, Soi Sirisook 19, T. Bangmaenang, A. Bangyai, Nonthaburi 11140 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.10.2012 |
|
|
|
|
Date of Incorporation : |
03.10.2003 |
|
|
|
|
Com. Reg. No.: |
0113546005472 |
|
|
|
|
Legal Form : |
Limited Partnership |
|
|
|
|
Line of Business : |
Manufacturer, distributor
& exporter of secondary
aluminum alloy ingot |
|
|
|
|
No. of Employees : |
80 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Thailand ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Thailand is trying to maintain growth by encouraging domestic consumption and public investment to offset weak exports in 2012. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. The Thai government is implementing a nation-wide 300 baht ($10) per day minimum wage policy and deploying new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered internal and external economic shocks in recent years. The global economic severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded. In late 2011 growth was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. Industry recovered from the second quarter of 2012 onward with GDP growth at 5.5% in 2012. The government has approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the next seven years with a plan to start in 2013.
|
Source : CIA |
Company name
M PROF LIMITED
PARTNERSHIP
SUMMARY
BUSINESS ADDRESS : 39/201 MOO 10, SOI SIRISOOK 19, T. BANGMAENANG,
A.
BANGYAI, NONTHABURI 11140,
THAILAND
TELEPHONE : [66] 2158-8192
FAX :
[66] 2158-8210
E-MAIL
ADDRESS : thiparpha_i@mprof.com
REGISTRATION
ADDRESS : 8/8
MOO 5, T. KLONGNA,
A. MUANG,
CHACHOENGSAO 24000
ESTABLISHED
: 2003
REGISTRATION
NO. : 0113546005472
TAX
ID NO. : 3031137851
CAPITAL REGISTERED : BHT. 51,000,000
CAPITAL PAID-UP : BHT.
51,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : OCTOBER 31
LEGAL
STATUS : LIMITED
PARTNERSHIP
EXECUTIVE : MR. VORAPHON INTHARASOOT,
THAI
MANAGING PARTNER
NO.
OF STAFF : 80
LINES
OF BUSINESS : SECONDARY ALUMINUM
ALLOY INGOT
MANUFACTURER, DISTRIBUTOR
& EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on October 3,
2003 as a
limited partnership under the
name style M PROF LIMITED
PARTNERSHIP by Thai
partners, with the
business objective to
manufacture and distribute
secondary aluminium alloy
ingot to various
industries, both domestic
and international. All alloys fulfill the specifications
regarding mechanical and physical properties according to ASTM, DIN, JIS, BS
and TISI standards. It currently
employs approximate 80 staff.
It
also achieved the standard
ISO 9001 : 2008 certification
The
subject’s registered address is 8/8
Moo 5, T. Klongna, A. Muang,
Chachoengsao 24000, while
the current business
address is at
39/201 Moo 10,
Soi Sirisook 19,
T. Bangmaenang, A.
Bangyai, Nonthaburi 11140.
AUTHORIZED PERSON
Ms. Sivalaksivalee Thana
Mr. Voraphon Intharasoot
Mr. Sathitsak Intharasoot
Any two of
the above partners
can jointly sign on
behalf of the
subject with seal
affixed.
MANAGEMENT
Mr. Voraphon Intharasoot is
the Managing Partner.
He is Thai
nationality with the
age of 37
years old.
Ms. Sivalaksivalee Thana is
the Deputy Managing
Partner and General
Manager.
She is Thai
nationality with the
age of 36
years old.
BUSINESS OPERATIONS
The subject is
engaged in design,
manufacturing, distributing and
exporting of secondary
aluminum alloy ingot
to all international
specifications, by recycled
aluminum scrap and
turnings with six
crucible furnaces.
PRODUCTION CAPACITY
600 tons per
month
PURCHASE
80%
of raw materials,
mainly aluminium scrap
and chemicals are
purchased from local
supplier, the remaining
20% is imported
from Republic of
China, Hong Kong
and India.
SALES
90%
of the products
is sold locally
to manufacturers and
end-users, the remaining
10% is exported
to Republic of
China, India and
Indonesia.
MAJOR
CUSTOMERS
Advance
Die-Casting Industry Co.,
Ltd. : Thailand
Panasonic
Management [Thailand] Co.,
Ltd. : Thailand
Hitachi
Industrial Technology [Thailand]
Co., Ltd. : Thailand
Decho
Mould & Die Casting Co.,
Ltd. : Thailand
Asia
Diecasting Products Co.,
Ltd. : Thailand
PKM
Metalworks Die Casting
Co., Ltd. :
Thailand
Castem
[Siam] Co., Ltd. : Thailand
Vanda
Pac Co., Ltd. : Thailand
Thai
Heng Foundry and
Machining [1999] Co., Ltd. : Thailand
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary
or affiliated company
here in Thailand.
LITIGATION
Bankruptcy and
Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
for the past
two years.
CREDIT
Sales are by
cash or on
the credit term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
T/T.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
80 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office at
the heading address. Premise is
located in provincial,
on the outskirts
of Bangkok.
Factories :
Factory
I : 8/8
Moo 5, T. Klongna,
A. Muang, Chachoengsao 24000.
Factory
II : 52/7
Moo 5, T. Troksomboon, A. Srimahaphot, Prachinburi
25140.
COMMENT
The subject is a
manufacturer, distributor and exporter
of secondary aluminum
alloy ingot. Its business performance
were significantly grown
in the previous year,
as well as
definite increase from
many industries boosting
to consume more
such the products.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 4,000,000
which was carried
by 3 persons
as follows:
Name Amount
Ms. Sivalaksivalee Thana Bht.
1,500,000 [unlimited partner]
Mr. Voraphon Intharasoot Bht.
1,500,000 [unlimited partner]
Mr. Sathitsak Intharasoot Bht.
1,000,000 [unlimited partner]
In 2012, the
capital was increased
to Bht. 5,000,000 which
was carried by
3 persons as
follows:
Name Amount
Ms. Sivalaksivalee Thana Bht.
1,500,000 [unlimited partner]
Mr. Voraphon Intharasoot Bht.
2,500,000 [unlimited partner]
Mr. Sathitsak Intharasoot Bht.
1,000,000 [unlimited partner]
In
2013, the capital
was increased to
Bht. 51,000,000 which
was carried by
4 persons as
followed:
Name Age Amount
Ms. Sivalaksivalee Thana 36 Bht. 25,000,000
[unlimited partner]
Mr. Voraphon Intharasoot 37 Bht. 25,000,000
[unlimited partner]
Mr. Sathitsak Intharasoot 64 Bht. 980,000
[unlimited partner]
Mr. Charnthani Thanathanachote 31 Bht.
20,000
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Nathaporn Kultanand No.
8241
BALANCE SHEET [BAHT]
The latest financial figures published
as at October
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
442,323.72 |
329,023.27 |
1,718,734.28 |
|
Trade Accounts Receivable
|
48,375,507.85 |
7,375,135.50 |
12,934,289.68 |
|
Short-term Lending to
Related Company |
80,932,338.35 |
20,194,449.98 |
6,762,992.95 |
|
Other Current Assets
|
- |
371,825.51 |
- |
|
|
|
|
|
|
Total Current Assets
|
129,750,169.92 |
28,270,434.26 |
21,416,016.91 |
|
|
|
|
|
|
Equipment |
65,066,540.46 |
44,625,248.17 |
22,620,708.47 |
|
Intangible Assets |
63,673.42 |
- |
- |
|
Deposit |
155,000.00 |
75,000.00 |
- |
|
Total Assets |
195,035,383.80 |
72,970,682.43 |
44,036,725.38 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft |
85,127,975.97 |
7,536,404.05 |
- |
|
Trade Accounts Payable
|
32,203,157.31 |
31,352,742.01 |
13,849,047.45 |
|
Current Portion of
Hire-purchase Payable |
2,461,707.84 |
2,326,600.52 |
1,527,645.69 |
|
Current Portion of
Long-term Loans |
7,550,198.70 |
1,680,000.00 |
1,327,295.88 |
|
Other Current Liabilities |
3,468,930.57 |
2,393,139.29 |
1,464,505.03 |
|
|
|
|
|
|
Total Current Liabilities |
130,811,970.39 |
45,288,885.87 |
18,168,494.05 |
|
Hire-purchase Payable, Net
of Current Portion |
1,289,125.44 |
2,887,146.94 |
3,879,867.77 |
|
Long-term Loans, Net of Current Portion |
19,142,245.77 |
8,056,133.75 |
5,483,440.39 |
|
Long-term Loan from Person
or Related Company |
13,060,000.00 |
1,550,000.00 |
7,050,000.00 |
|
Total Liabilities |
164,303,341.60 |
57,782,166.56 |
34,581,802.21 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Capital Paid |
5,000,000.00 |
4,000,000.00 |
4,000,000.00 |
|
Retained Earning Unappropriated |
25,732,042.20 |
11,188,515.87 |
5,454,923.17 |
|
Total Shareholders' Equity |
30,732,042.20 |
15,188,515.87 |
9,454,923.17 |
|
Total Liabilities &
Shareholders' Equity |
195,035,383.80 |
72,970,682.43 |
44,036,725.38 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
638,045,896.98 |
265,818,276.20 |
177,269,727.31 |
|
Interest Income |
4,942.13 |
3,957.32 |
3,093.72 |
|
Total Revenues |
638,050,839.11 |
265,822,233.52 |
177,272,821.03 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
560,648,368.99 |
240,931,507.44 |
161,036,800.22 |
|
Selling Expenses |
37,536,449.77 |
2,448,302.90 |
8,176,105.61 |
|
Administrative Expenses |
18,884,314.63 |
13,389,761.10 |
2,737,515.97 |
|
Total Expenses |
617,069,133.39 |
256,769,571.44 |
171,950,421.80 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
20,981,705.72 |
9,052,662.08 |
5,322,399.23 |
|
Financial Costs |
[2,058,481.54] |
[1,212,353.48] |
[292,774.59] |
|
Profit / [Loss] before Income
Tax |
18,923,224.18 |
7,840,308.60 |
5,029,624.64 |
|
Income Tax |
[4,379,697.85] |
[2,106,715.90] |
[1,241,764.15] |
|
Net Profit / [Loss] |
14,543,526.33 |
5,733,592.70 |
3,787,860.49 |
|
Retained Earning, Beginning of
Year |
11,188,515.87 |
5,454,923.17 |
1,667,062.68 |
|
Retained Earning, End of
Year |
25,732,042.20 |
11,188,515.87 |
5,454,923.17 |
fINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.99 |
0.62 |
1.18 |
|
QUICK RATIO |
TIMES |
0.99 |
0.62 |
1.18 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
9.81 |
5.96 |
7.84 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.27 |
3.64 |
4.03 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
27.67 |
10.13 |
26.63 |
|
RECEIVABLES TURNOVER |
TIMES |
13.19 |
36.04 |
13.71 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
20.97 |
47.50 |
31.39 |
|
CASH CONVERSION CYCLE |
DAYS |
6.71 |
(37.37) |
(4.76) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
87.87 |
90.64 |
90.84 |
|
SELLING & ADMINISTRATION |
% |
8.84 |
5.96 |
6.16 |
|
INTEREST |
% |
0.32 |
0.46 |
0.17 |
|
GROSS PROFIT MARGIN |
% |
12.13 |
9.36 |
9.16 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.29 |
3.41 |
3.00 |
|
NET PROFIT MARGIN |
% |
2.28 |
2.16 |
2.14 |
|
RETURN ON EQUITY |
% |
47.32 |
37.75 |
40.06 |
|
RETURN ON ASSET |
% |
7.46 |
7.86 |
8.60 |
|
EARNING PER SHARE |
BAHT |
290.87 |
143.34 |
94.70 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.84 |
0.79 |
0.79 |
|
DEBT TO EQUITY RATIO |
TIMES |
5.35 |
3.80 |
3.66 |
|
TIME INTEREST EARNED |
TIMES |
10.19 |
7.47 |
18.18 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
140.03 |
49.95 |
|
|
OPERATING PROFIT |
% |
131.77 |
70.09 |
|
|
NET PROFIT |
% |
153.65 |
51.37 |
|
|
FIXED ASSETS |
% |
45.81 |
97.28 |
|
|
TOTAL ASSETS |
% |
167.28 |
65.70 |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 140.03%. Turnover has increased from THB
265,818,276.20 in 2011 to THB 638,045,896.98 in 2012. While net profit has
increased from THB 5,733,592.70 in 2011 to THB 14,543,526.33 in 2012. And total
assets has increased from THB 72,970,682.43 in 2011 to THB 195,035,383.80 in
2012.
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
12.13 |
Acceptable |
Industrial Average |
16.90 |
|
Net Profit Margin |
2.28 |
Impressive |
Industrial Average |
0.20 |
|
Return on Assets |
7.46 |
Impressive |
Industrial Average |
1.83 |
|
Return on Equity |
47.32 |
Impressive |
Industrial Average |
6.41 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues after accounting for
the cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company's figure is 12.13%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company may have problems with control over its costs.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is 2.28% compared with those of its average
competitors in the same industry, indicated that business was an efficient
operator in a dominant position within
its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is
7.46%, higher figure when compared with those of its average competitors in the
same industry, indicated that business was an efficient profit in a dominant position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio
is 47.32%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
0.99 |
Risky |
Industrial Average |
1.24 |
|
Quick Ratio |
0.99 |
|
|
|
|
Cash Conversion Cycle |
6.71 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets are
readily available to pay off its short-term liabilities. The company's figure
is 0.99 times in 2012, increased from 0.62 times, then the company may have
problems meeting its short-term obligations. When compared with the industry
average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.99 times in 2012,
increased from 0.62 times, by excluding inventory, the company may have
problems meeting current liabilities.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 7 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.84 |
Acceptable |
Industrial Average |
0.66 |
|
Debt to Equity Ratio |
5.35 |
Risky |
Industrial Average |
2.08 |
|
Times Interest Earned |
10.19 |
Impressive |
Industrial Average |
(0.20) |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the shareholders
have committed. A lower the percentage means that the company is using less
leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt obligations.
Ratio is 10.2 higher than 1, so the company can pay interest expenses on
outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.84 greater than 0.5, most of the company's
assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Downtrend
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
9.81 |
Impressive |
Industrial Average |
0.50 |
|
Total Assets Turnover |
3.27 |
Impressive |
Industrial Average |
3.12 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
13.68 |
|
Receivables Conversion Period |
27.67 |
|
|
|
|
Receivables Turnover |
13.19 |
Impressive |
Industrial Average |
4.87 |
|
Payables Conversion Period |
20.97 |
|
|
|
The company's Account Receivable Ratio is calculated as 13.19 and 36.04
in 2012 and 2011 respectively. This ratio measures the efficiency of the
company in managing its trade debtors to generate revenue. A lower ratio may
indicate over extension and collection problems. Conversely, a higher ratio may
indicate an overtly stringent policy. In this case, the company's A/R ratio in
2012 decreased from 2011. This would suggest the company had deteriorated in
the management of its debt collections.
The company's Total Asset Turnover is calculated as 3.27 times and 3.64
times in 2012 and 2011 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.61 |
|
UK Pound |
1 |
Rs.83.98 |
|
Euro |
1 |
Rs.71.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.